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President Obama will return 5 percent of his salary, retroactive to March 1, in a move intended to symbolize solidarity with federal workers being furloughed as part of the sequester, a White House official said Wednesday.

The pay cut will remain in place for the remainder of the fiscal year, and is intended to mirror the across-the-board cuts to federal budgets that occurred as part of the $85 billion sequester.

The president's salary is $400,000 per year -- a 5 percent pay cut over 10 months represents just under $17,000.

“The president has decided that to share in the sacrifice being made by public servants across the federal government that are affected by the sequester, he will contribute a portion of his salary back to the Treasury,” an administration official told The New York Times, which first reported the decision.